The Middle East and Africa (MEA) region offers a strong potential in insurance and, specifically insurtech. For instance, even though Nigeria has an active and emerging fintech scene, the country’s insurance penetration is a lowly 0.4 per cent. The remaining is dominated by six “primary insurance regions in Africa”: French-speaking Francophone Africa, English-speaking Anglophone West Africa, Southern Africa, North Africa, East Africa, and Angola. South Africa has one of the world’s highest penetration rates of insurance, accounting for an estimated 80 per cent of the continent’s total gross premiums. Not unique to South Africa but insurtech solutions can help customers directly by price comparing various products that otherwise would have been difficult to do.

Source: The North Africa Journal May 01, 2021 14:07 UTC